United Therapeutics (UTHR) investor relations material

Executive summary

• Q2 2026 revenues were $783.3M, down 2% year-over-year, with net income up 8% to $333.0M and diluted EPS up 13% to $7.27.

• Tyvaso DPI sales grew 4% to $326.6M, offsetting declines in Nebulized Tyvaso and Remodulin; Unituxin sales rose 12%.

• Submitted NDAs for ralinepag tablets in PAH and Nebulized Tyvaso in IPF, with additional filings planned for ralinepag DPI and treprostinil SMI.

• Organ manufacturing and regenerative medicine pipeline advanced, including new xeno-organ facilities and Thymmune Therapeutics acquisition.

• $1.5B in share repurchases completed in H1 2026, with $500M remaining authorized.

Financial highlights

• Q2 2026 revenue was $783.3M; Tyvaso total revenue was $452.6M, with DPI up 4% and Nebulized Tyvaso down 18%.

• Remodulin revenue was $126.3M, down 6% year-over-year; Orenitram revenue was $126M, up 1%; Unituxin revenue grew 12% to $65M.

• Gross margin for Q2 2026 was $683.8M (87%); effective tax rate dropped to 11% from 24% year-over-year.

• Cash, cash equivalents, and marketable investments totaled $3.8B as of June 30, 2026.

• Trailing twelve-month operating cash flow was $1.7B.

Outlook and guidance

• Anticipates potential approvals for Nebulized Tyvaso in IPF and ralinepag tablets in PAH by next year, both seen as multi-billion-dollar growth catalysts.

• Not reaffirming or updating prior 2026 revenue growth expectations.

• Maintain a path to a $4B revenue run rate by end of 2027, factoring in anticipated launches.

• Expects Tyvaso DPI to expand into IPF and PPF indications.

• $180M budgeted for capital expenditures through 2028 for new manufacturing and clinical facilities.